Sunday December 3, 2023

theScore Surges 100% on Talk of Canadian Sports Betting

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Tom Szczerbowski-USA TODAY Sports
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Since Canadian sports betting legislation was announced in November, shares of theScore have climbed more than 100%

Based in Toronto, the sports media and betting company is primed to be a market leader. A Credit Suisse analysis of the Canadian market suggests it could be worth up to $4 billion in revenue for the industry.

Founded as a digital sports media company — now one of the most popular sports apps in North America — theScore has integrated betting into its infrastructure. Its betting app, theScore Bet, is live in Colorado, Indiana and New Jersey. 

theScore started trading on the Toronto Stock Exchange in September 2020.

theScore By The Numbers: 

  • No. 1 free sports app in Canada in the Google Play store
  • Four million daily users, including 1.4 million in Ontario
  • Betting volume was up 500% year-over-year in September

The company has a market value of $604 million, still significantly less than the likes of DraftKings and Penn National Gaming, which are currently worth $19 billion and $14 billion, respectively.

International competitors are likely to descend quickly into Canada, particularly the province of Ontario. DraftKings CEO Jason Robins said iGaming and sports betting could come to Ontario in 2021 if single-event betting legislation is passed.

Canadian brand recognition could make theScore an acquisition target for other betting companies looking to secure market share in the country.

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